TOP SELECTION
ActiveSummary
TOP SELECTION has been active since 1981 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.8m and a net result of -€227,914. Equity has been growing by about 2.6% per year since 2018. Its solvency ranks better than 51% of 9,850 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 07-01-1981 Normal situation
- Activity
- Wholesale of other machinery and equipment NACE 46649and 1 other
- Establishment unit
- 2.124.497.562 8791 Waregem, since 27-03-2003
- Financial year end
- 31 December
- Peppol
- Reachable since 24-12-2025
Board and ownership
Board
- TER HEIRWEGHEDirector · permanent representative Claude VERSTRAETE
Shareholders
- TER HEIRWEGHE1%· score 9430-06-2025 annual accounts of TER HEIRWEGHE
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.3%
Annual accounts 2025
- Gross margin
- €179,050
- ▼ 24.9%
- Turnover
- ≈ €920,000
- estimated
- Loss
- €227,914
- ▲ 25.9%
- Equity
- €2.8m
- ▼ 7.5%
- Total assets
- €6.4m
- ▼ 6.5%
- Employees on 31-12-2025
- 1
- =
- 2025 accounts filed 61 days after the deadline
Score breakdownraises riskLast filed accounts filed 61 days late; 2 of the last 3 accounts lateLiquidity: current ratio 0.07, cash €106,587lowers riskSize: total assets €6.4mFounded in 1981Show the evidence
Checked score
Score 2025
85
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 36% of small companies in wholesale trade (NACE 46)
Financial strength · tick: 2024
Average
Solvency
69=
equity 44.0% of total assets
Liquidity
23=
short-term debt 56.0% · cash 1.7%
Profitability
64-1
return on assets -3.6%
Bankruptcy probability within 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025
03-2025: 0.3%● unchanged vs 02-2025
04-2025: 0.3%● unchanged vs 03-2025
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.3%● unchanged vs 05-2025
07-2025: 0.2%▼ -0.1 percentage points vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025lowest value
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.4%▲ +0.2 percentage points vs 07-2026
09-2026: 0.5%▲ +0.1 percentage points vs 08-2026highest value
10-2026: 0.3%▼ -0.2 percentage points vs 09-2026
11-2026: 0.3%● unchanged vs 10-2026
Credit of up to €230,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.07 (0.1 in 2024), below 1. Short-term debt is 56% and cash 1.7% of total assets. 56% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, small). It does better than 52% of them on solvency, 21% on liquidity, 52% on profitability and 20% on growth.
The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€227,914
raises risk · 2025 accounts filed 61 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-09-2026, 61 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
61 days late
2024
48 days early
2023
57 days late
2022
39 days early
2021
81 days late
2020
114 days late
2019
82 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 44 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 27 September (4 of the last 5 accounts filed within 97 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
05-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, abbreviated format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00534234.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 45 filings
Turnover
≈ €920,000
Estimated: probably between €460,000 and €1.6m
Total assets
€6.4m▼ 6.5%
2024 · €6.8m
Net result
-€227,914▼ 25.9%
2024 · -€181,091
Working capital
-€3.3m▲ 3.3%
2024 · -€3.4m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€229,378
▼ 46.3%
2025
20182025
Net result
-€227,914
▼ 25.9%
2025
lowest quarter of the sector
20182025
Equity
€2.8m
▼ 7.5%
2025
highest quarter of the sector
20182025
Total assets
€6.4m
▼ 6.5%
2025
highest quarter of the sector
20182025
Debt
€3.6m
▼ 5.7%
2025
20182025
Working capital
-€3.3m
▲ 3.3%
2025
lowest quarter of the sector
20182025
Solvency
44.0%
▼ 0.5pp
2025
middle half of the sector
20182025
Current ratio
0.07
▼ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-3.6%
▼ 0.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.1m--€0.04m▲ 64.6%-€0.05m▼ 41.4%-€0.01m▲ 79.9%-€0.08m▼ 631%-€0.3m▼ 250%-€0.2m▲ 40.8%-€0.2m▼ 46.3%
Net result-€0.2m--€0.09m▲ 49.6%-€0.09mbelow the sector's middle half▲ 1.0%€0.06mabove the sector's middle half-€0.1mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 223%-€0.2mbelow the sector's middle half▲ 46.0%-€0.2mbelow the sector's middle half▼ 25.9%
Equity€2.5m-€2.4m▼ 3.7%€2.3mabove the sector's middle half▼ 3.8%€2.4mabove the sector's middle half▲ 2.5%€2.3mabove the sector's middle half▼ 4.4%€3.2mabove the sector's middle half▲ 42.5%€3.0mabove the sector's middle half▼ 5.6%€2.8mabove the sector's middle half▼ 7.5%
Total assets€7.2m-€6.9m▼ 4.0%€6.6mabove the sector's middle half▼ 4.2%€6.4mabove the sector's middle half▼ 3.6%€6.1mabove the sector's middle half▼ 4.8%€7.0mabove the sector's middle half▲ 15.5%€6.8mabove the sector's middle half▼ 2.6%€6.4mabove the sector's middle half▼ 6.5%
Debt€4.7m-€4.5m▼ 4.2%€4.3m▼ 4.5%€4.0m▼ 6.8%€3.8m▼ 5.1%€3.8m▼ 0.5%€3.8m=€3.6m▼ 5.7%
Working capital-€1.7m--€1.7m▲ 1.4%-€1.6mbelow the sector's middle half▲ 0.9%-€1.5mbelow the sector's middle half▲ 10.0%-€1.5mbelow the sector's middle half▼ 1.0%-€3.6mbelow the sector's middle half▼ 140%-€3.4mbelow the sector's middle half▲ 3.8%-€3.3mbelow the sector's middle half▲ 3.3%
Solvency34.5%-34.6%▲ 0.1pp34.8%within the sector's middle half▲ 0.2pp37.0%within the sector's middle half▲ 2.2pp37.2%within the sector's middle half▲ 0.2pp45.9%within the sector's middle half▲ 8.7pp44.4%within the sector's middle half▼ 1.4pp44.0%within the sector's middle half▼ 0.5pp
Current ratio0.08-0.09▲ 0.010.10below the sector's middle half▲ 0.010.15below the sector's middle half▲ 0.050.15below the sector's middle half=0.06below the sector's middle half▼ 0.090.10below the sector's middle half▲ 0.040.07below the sector's middle half▼ 0.02
Return on assets (ROA)-2.5%--1.3%▲ 1.2pp-1.4%within the sector's middle half=0.9%within the sector's middle half▲ 2.3pp-1.7%within the sector's middle half▼ 2.6pp-4.8%below the sector's middle half▼ 3.1pp-2.6%within the sector's middle half▲ 2.1pp-3.6%below the sector's middle half▼ 0.9pp
Staff (FTE)0.5-0.5=0.5below the sector's middle half=1▲ 100%1=1=1=1within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €229,378, larger than the loss of €156,788 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.4m
Fixed assets
€6.1m ▼ 5.2%
Current assets
€261,499 ▼ 28.9%
Equity and liabilities €6.4m
Equity
€2.8m ▼ 7.5%
Debt
€3.6m ▼ 5.7%
Debt's share of the balance-sheet total rises from 55.6% to 56.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€112,122▼
2024 · €183,875
Cash flow
€113,586▼
2024 · €159,571
Quick ratio
0.06▼
2024 · 0.09
Debt to equity
1.27▲
2024 · 1.25
ROE
-8.1%▼
2024 · -6.0%
Interest coverage
over 100▲
2024 · 6.86
Debt ≤ 1 year
€3.6m▼
2024 · €3.8m
Debt > 1 year
€190=
2024 · €190
Staff costs
€39,189▲
2024 · €37,611
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,153 | - | €1.3m | €22,591 | €1,675 |
| Depreciation and write-downs of the year | €313,705 | €300,345 | €313,428 | €340,663 | €341,500 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €17,204 | €35,692 | €37,306 | €37,611 | €39,189 | ▲ 4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €321,751 | €315,082 | €315,082 | €313,705 | €300,345 | €313,428 | €340,663 | €341,500 | ▲ 0.2% |
| Other operating charges640/8 | - | - | - | €38,761 | €29,996 | €42,388 | €16,875 | €27,740 | ▲ 64.4% |
| Gross operating margin9900 | €284,270 | €328,983 | €333,320 | €359,316 | €290,313 | €128,177 | €238,362 | €179,050 | ▼ 24.9% |
| Operating profit (loss)9901 | -€102,998 | -€36,463 | -€51,542 | -€10,353 | -€75,720 | -€264,945 | -€156,788 | -€229,378 | ▼ 46.3% |
| Financial income75/76B | - | - | - | €100,041 | €183 | €15,200 | €2,508 | €1,854 | ▼ 26.1% |
| Recurring financial income75 | €57 | €120 | €134 | €100,041 | €183 | €110 | €2,508 | €1,854 | ▼ 26.1% |
| Non-recurring financial income76B | - | - | - | - | - | €15,090 | - | - | - |
| Financial charges65/66B | - | - | - | €30,891 | €28,308 | €85,719 | €26,812 | €389 | ▼ 98.5% |
| Recurring financial charges65 | €79,565 | €54,524 | €38,564 | €30,891 | €28,308 | €85,157 | €26,812 | €389 | ▼ 98.5% |
| Non-recurring financial charges66B | - | - | - | - | - | €562 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€180,404 | -€90,868 | -€89,973 | €58,797 | -€103,845 | -€335,463 | -€181,091 | -€227,914 | ▼ 25.9% |
| Profit (loss) for the period9904 | -€180,404 | -€90,868 | -€89,973 | €58,797 | -€103,845 | -€335,463 | -€181,091 | -€227,914 | ▼ 25.9% |
| Profit (loss) for the period to be appropriated9905 | -€180,404 | -€90,868 | -€89,973 | €58,797 | -€103,845 | -€335,463 | -€181,091 | -€227,914 | ▼ 25.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €7.2m | €6.9m | €6.6m | €6.4m | €6.1m | €7.0m | €6.8m | €6.4m | ▼ 6.5% |
| Fixed assets21/28 | €7.1m | €6.8m | €6.4m | €6.1m | €5.8m | €6.8m | €6.5m | €6.1m | ▼ 5.2% |
| Tangible fixed assets22/27 | €7.1m | €6.8m | €6.4m | €6.1m | €5.8m | €6.8m | €6.5m | €6.1m | ▼ 5.2% |
| Land and buildings22 | - | - | - | €6.1m | €5.8m | €6.8m | €6.5m | €6.1m | ▼ 5.2% |
| Financial fixed assets28 | €0.002m | €0.003m | €0.003m | - | - | - | - | - | - |
| Current assets29/58 | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | €0.4m | €0.3m | ▼ 28.9% |
| Stocks and contracts in progress3 | €0.04m | €0.05m | €0.06m | €0.04m | €0.05m | €0.04m | €0.04m | €0.03m | ▼ 11.1% |
| Stocks30/36 | - | - | - | €0.04m | €0.05m | €0.04m | €0.04m | €0.03m | ▼ 11.1% |
| Amounts receivable within one year40/41 | €0.03m | €0.07m | €0.03m | €0.04m | €0.04m | €0.04m | €0.05m | €0.07m | ▲ 24.5% |
| Trade receivables40 | - | - | - | €0.04m | €0.04m | €0.04m | €0.05m | €0.07m | ▲ 25.2% |
| Other amounts receivable41 | - | - | - | €0.001m | €0.001m | - | €0.001m | €0.001m | ▼ 26.1% |
| Current investments50/53 | - | - | - | - | - | - | €0.2m | €0.05m | ▼ 71.4% |
| Cash at bank and in hand54/58 | €0.06m | €0.04m | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 9.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.005m | €0.005m | €0.006m | €0.006m | ▲ 5.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €7.2m | €6.9m | €6.6m | €6.4m | €6.1m | €7.0m | €6.8m | €6.4m | ▼ 6.5% |
| Equity10/15 | €2.5m | €2.4m | €2.3m | €2.4m | €2.3m | €3.2m | €3.0m | €2.8m | ▼ 7.5% |
| Contributions10/11 | €4.1m | €4.1m | €4.1m | €4.1m | €4.1m | €5.4m | €5.4m | €5.4m | = |
| Capital10 | - | - | - | €4.1m | €4.1m | - | - | - | - |
| Issued capital100 | - | - | - | €4.1m | €4.1m | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €5.4m | €5.4m | €5.4m | = |
| Other1109/19 | - | - | - | - | - | €5.4m | €5.4m | €5.4m | = |
| Revaluation surpluses12 | - | - | - | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Reserves13 | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Profit (loss) carried forward14 | -€3.3m | -€3.4m | -€3.5m | -€3.4m | -€3.5m | -€3.8m | -€4.0m | -€4.2m | ▼ 5.7% |
| Amounts payable17/49 | €4.7m | €4.5m | €4.3m | €4.0m | €3.8m | €3.8m | €3.8m | €3.6m | ▼ 5.7% |
| Amounts payable after more than one year17 | €2.9m | €2.7m | €2.5m | €2.3m | €2.1m | €190 | €190 | €190 | = |
| Financial debts170/4 | - | - | - | €2.3m | €2.1m | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €190 | €360 | €190 | €190 | €190 | = |
| Amounts payable within one year42/48 | €1.8m | €1.8m | €1.8m | €1.7m | €1.7m | €3.8m | €3.8m | €3.6m | ▼ 5.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €2.3m | €0.2m | - | - |
| Trade debts44 | €0.02m | €0.02m | €0.01m | €0.03m | €0.03m | €0.04m | €0.05m | €0.04m | ▼ 31.7% |
| Suppliers440/4 | - | - | - | €0.03m | €0.03m | €0.04m | €0.05m | €0.04m | ▼ 31.7% |
| Advances received on contracts in progress46 | - | - | - | €0.01m | €0.01m | €0.01m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.006m | €0.005m | €0.01m | €0.01m | ▼ 12.5% |
| Taxes450/3 | - | - | - | - | - | €248 | €0.006m | €0.006m | ▲ 0.8% |
| Remuneration and social security454/9 | - | - | - | €0.002m | €0.006m | €0.005m | €0.007m | €0.005m | ▼ 23.8% |
| Other amounts payable47/48 | - | - | - | €1.5m | €1.5m | €1.5m | €3.5m | €3.5m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.2m | -€0.09m | -€0.09m | €0.06m | -€0.1m | -€0.3m | -€0.2m | -€0.2m | ▼ 25.9% |
| + Depreciation and write-downs630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 0.2% |
| Operating cash flow (approximation) | €0.1m | €0.2m | €0.2m | €0.4m | €0.2m | -€0.02m | €0.2m | €0.1m | ▼ 28.8% |
| Investment in fixed assets (approximation) | - | -€0.001m | €0 | €0.002m | €0 | -€1.3m | -€0.02m | -€0.002m | ▲ 92.6% |
| Change in cash | - | -€0.02m | €0.06m | €0.09m | -€0.02m | -€0.02m | -€0.05m | €0.01m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 12,322 companies had the same profile as TOP SELECTION has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TOP SELECTION itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 12,322 companies, not a prediction for TOP SELECTION. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 45 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-09-2026 | 2026-00534234 | |
| 31-12-2024 | micro format | 13-06-2025 | 2025-00136276 | |
| 31-12-2023 | micro format | 26-09-2024 | 2024-00473324 | |
| 31-12-2022 | micro format | 22-06-2023 | 2023-00146692 | |
| 31-12-2021 | micro format | 20-10-2022 | 2022-20467734 | |
| 31-12-2020 | micro format | 22-11-2021 | 2021-77900063 | |
| 31-12-2019 | micro format | 21-10-2020 | 2020-62400356 | |
| 31-12-2018 | micro format | 03-07-2019 | 2019-27700537 | |
| 31-12-2017 | micro format | 10-08-2018 | 2018-44800416 | |
| 31-12-2016 | micro format | 14-06-2017 | 2017-17400536 |
Board & ownership
Directors
Directors
1 director, last change in 2023
Board 1
TER HEIRWEGHE
Current
Statutory director · appointed in the act of 02-10-2023 · earlier (gedelegeerde) bestuurder van gewezen naamloze vennootschap, until 02-10-2023 · term without a fixed end · Private limited company · permanent representative: Claude VERSTRAETE · also on the board of 2 other companies · listed in the 2025 annual accounts, filed on 30-09-2026
Permanent representatives 1
Claude VERSTRAETE
Current
Permanent representative · appointed in the act of 02-10-2023 · for TER HEIRWEGHE
Owners and capital
Shareholders
1 ownerOwners 1
- Equity €5.0m Profit of €154,224 in 2025 (profit of €195,558 in 2024) Checked score 941%
Capital transactions
Shareholders according to the deeds
After the capital increase
act of 02-10-2023 ↗
- Claude VERSTRAETE 81,438 shares
- Nathalie VANDOORNE 857 shares
- Laurence VERSTRAETE 857 shares
- Gilles VERSTRAETE 857 shares
Stated in the act
act of 02-10-2023 ↗
- TER HEIRWEGHE (BE 0467.056.978) 1,710 shares
- Claude VERSTRAETE 237,276 shares
- Nathalie VANDOORNE 5,766 shares
- Laurence VERSTRAETE 2,493 shares
- Gilles VERSTRAETE 2,493 shares
Capital over time
- 02-10-2023 Capital increase of €1,282,820 · to €5,402,820 · 84,009 new shares · in kind
Mandate history
3 people, 1 in office
- Board
- Day-to-day management
- mandate already running before its first mention
| Name | Functions and periods |
|---|---|
| TER HEIRWEGHE |
|
| Marc VERSTRAETE |
|
| Verstraete Claude |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Algemene vergadering kan bij gewone meerderheid mandaat van al dan niet-statutaire bestuurder steeds beëindigen wegens wettige reden,zonder…”“Behoudens andersluidende overeenkomst kan algemene vergadering mandaat van niet-statutaire bestuurder te allen tijde en zonder opgave van…”“Gewone meerderheid van stemmen van aanwezige of vertegenwoordigde bestuurders, indien twee of meer bestuurders vormen zij collegiaal…”
Articles of association, deed of 02-10-2023 (in Dutch)
Network & group
Companies at the same address
1 other companyConnections & network
2 connected companiesThe connected companies are in the list below.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
VERSTRAETE - HAHN
Shared corporate director
→
VERSTRAETE INVEST
Shared corporate director
→
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
30-09
abbreviated format · 61 days late
2025
13-06
micro format · 48 days before the deadline
2024
26-09
micro format · 57 days late
2023
31-12
Financial
Weakest financial yearnet -€335,463
The net result drops to -€335,463, the lowest from 2018 to 2025. It recovers the following year.
02-10
Gazette deed
Capital increase of €1,282,820 to €5,402,820Capital from €4,120,000 to €5,402,820, 84,009 new shares · 81,438 shares · 857 shares12 points ▸
Gazette deed
Capital increase of €1,282,820 to €5,402,820
Capital from €4,120,000 to €5,402,820, 84,009 new shares · 81,438 shares · 857 shares12 points ▸
- General meeting, 14-09-2023
- Capital increase, €1,282,820
- Capital, €5,402,820, 250,138 shares
- Legal-form conversion, from public limited company to private limited company
- TER HEIRWEGHE holds 1,710 shares
- Claude VERSTRAETE holds 237,276 shares
- Nathalie VANDOORNE holds 5,766 shares
- Laurence VERSTRAETE holds 2,493 shares
- Gilles VERSTRAETE holds 2,493 shares
- Director resignation, TER HEIRWEGHE ((gedelegeerde) bestuurder van gewezen naamloze vennootschap)
- Director resignation, Claude VERSTRAETE ((gedelegeerde) bestuurder van gewezen naamloze vennootschap)
- Director resignation, Marc VERSTRAETE ((gedelegeerde) bestuurder van gewezen naamloze vennootschap)
- The act holds 18 more points.
22-06
micro format · 39 days before the deadline
2022
20-10
micro format · 81 days late
2021
31-12
Financial
Back to profitnet €58,797
The net result is €58,797, after 3 loss-making years.
22-11
micro format · 114 days late
2020
21-10
micro format · 82 days late
2019
03-07
micro format · 28 days before the deadline
2018
10-08
micro format · 10 days late
2017
14-06
micro format · 47 days before the deadline
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
TOP SELECTION in Dutch
Enterprise number
0421.334.544
LEI code
8755009IODXP5JJTTN36
live in the LEI register
Legal form
Private limited company
Status
Active, normale toestand
Founded
07-01-1981
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 02-10-2023 (in Dutch)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 02-10-2023 (in Dutch)Registered office and establishments
Registered office
Grote Heerweg 279, 8791 Waregem, Belgium
Establishment unit
Grote Heerweg 279, 8791 Waregem since 27-03-2003 · unit number 2.124.497.562 46643 Wholesale of electrical equipment, including installation materials
Activities
NACEBEL 2025VAT activities
46649
Wholesale of other machinery and equipment main activity
Social security (RSZ) activities
70200
Business and other management consultancy main activity
Codes under NACEBEL 2008
VAT activities
46699
Wholesale trade main activity
Social security (RSZ) activities
70220
Business consulting main activity
Codes under NACEBEL 2003
VAT activities
51872
main activity
Social security (RSZ) activities
74142
main activity
Invoicing and payment
VAT number
BE 0421.334.544
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Saturday of May at 11:00
deed of 02-10-2023 (in Dutch)Environmental permits
2 applications in Flanders since 2018 · 1 granted
Hoogstammige bomen vellen die geen deel uitmaken van een bos
Bomen vellen die geen deel uitmaken van een bos en/of bodemreliëf wijzigen
Source: Omgevingsloket Vlaanderen.
Sites & property
Location
Buildings and parcels at the address
Ground area
2,094 m²
Building footprint
295 m²
Building volume
1,790 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 34006A0441/00H002 | Flanders | 2,094 m² | 1 · 295 m² | 8.7 m · 2 |